Skydance Will Bundle Paramount+ and HBO Max in Early 2027

Skydance will bundle Paramount+ and HBO Max in early 2027, the company said Monday in its third-quarter shareholder letter — its first earnings report since Paramount bought Warner Bros. Discovery in early October.

The company has not said what the bundle will cost. Skydance said it will share more details on the bundle and "its streaming roadmap" in the coming months.

What will the bundle cost?

Neither service has published a combined price, and the standalone menu sets a floor. HBO Max costs $10.99 a month with ads, or $18.49 for the standard ad-free plan. Paramount+ runs $8.99 a month with ads and $13.99 for the ad-free version.

• HBO Max with ads: $10.99 a month
• HBO Max ad-free: $18.49 a month
• Paramount+ with ads: $8.99 a month
• Paramount+ ad-free: $13.99 a month
• Both with ads, bought separately: about $20 a month
• Both ad-free, bought separately: $32.48 a month

David Ellison's media giant is also merging the Paramount+ and HBO Max tech platforms, targeting completion within the next 11 months so it can create a "unified product."

How fast will the two platforms merge?

Paramount merged the backend of its namesake streamer with free service Pluto TV over about 18 months, a process known internally as convergence. Skydance says it will lean on AI tools to move faster this time.

"We expect to bring Paramount+ and HBO Max together much faster, aiming to align our backend systems within a year of closing, enabling us to quickly deliver a unified product," Skydance said in its third-quarter shareholder letter.

How did the quarter perform?

Skydance largely met Wall Street's expectations. Revenue climbed 5% year-over-year to $7 billion, inside the $6.95 billion to $7.15 billion range Paramount had told investors to expect. Adjusted EBITDA, a measure of profitability excluding certain items, came in at $1 billion, above the company's $875 million to $975 million range.

The operating results landed against a backdrop of sharp swings in the shares. Skydance stock entered earnings down more than 11% since the October 6 merger, then surged over 8.5% on Monday before turning volatile in early after-hours trading.

What has to happen next?

The bundle now has a delivery window; the price does not. Skydance has committed to outlining the bundle and its streaming roadmap in the coming months, and to aligning the two backends within a year of closing — the deadline that turns a promise of a unified product into a single streaming service for subscribers paying roughly $20 a month today for the two services with ads.